Nym, a leader in autonomous medical coding, today announced a $47 million growth investment led by PSG, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies. The new funding includes participation from existing and new investors including Google Ventures, Addition, Samsung Next and Dynamic Loop Capital.
Nym’s mission is to help simplify the U.S. healthcare system and reduce the country’s outsized administrative burden to allow healthcare providers to focus on patient treatment and reduce the growing cost of care. Administrative activities account for roughly 10% of all annual healthcare spending in the U.S. as of 2022.
Medical coding plays a large role in healthcare costs, as providers must review and assign codes to a high volume of medical charts to secure insurance reimbursements. As of 2024, over 200,000 medical coders manually handle this task, processing each chart individually. However, the manual nature of this process often leads to human error, labor shortages, backlogs, and delayed payments, highlighting the urgent need for more efficient solutions.